Sky and Space Global and GOMSpace have entered into a Heads of Agreement consisting of two parts — a new agreement (6U Agreement) and changes to the original agreement from 2017 (as amended) (Pearls Agreement).

By entering into the Heads of Agreement, GOMSpace anticipates the above-mentioned agreements to be finalized no later than May 2019.

The new agreement includes a delivery of the first batch of eight smallsats by Q1 2020 — and an optional batch of eight more smallsats planned for first half year 2020.

The order value of the first batch is 5.3 million euros and the order value of the optional batch is up to 3.8 million euros.

The new agreement is conditional upon secured financing by Sky and Space Global and the parties reaching an agreement on changes to the original agreement entered into in 2017 (as amended) (Pearls Agreement). Both parties expect to reach a definite agreement of the changes to the original agreement from 2017 (as amended) within 30 days.